A group of investors headed by billionaire oilman Marvin Davis has secured financing for its bid to buy Vivendi Universal Entertainment, sources tell The Post.

The bid is valued at slightly less than $20 billion. The group has secured roughly $10 billion in financing from four of the nation’s largest banks, sources say, including Bank of America, Deutsche Bank and Fleet Boston.

Additional financing will come from the sale of bonds and from capital from private equity firms Bain and Texas Pacific, according to sources familiar with the matter.

Davis and his partners, who include Brian Mulligan, the former CFO of Seagram – which sold its entertainment assets to Vivendi in 2000 – recently met with Vivendi officials in France to present their bid.

Sources say Vivendi CEO Jean-Rene Fourtou and other top executives were positive about the offer, but have said they want to wait and weigh other bids.

When Davis’ bid first became public late last year, most on Wall Street said it was a long shot. Instead, most at the time predicted Barry Diller would play a central role in the future of the company’s future. Diller is co-CEO and chairman of VUE, positions he gained from his sale of USA Networks to Vivendi in 2001.

Now, however, most within the industry and officials close to Vivendi say the Davis bid is gaining traction. One top media executive familiar with talks told The Post, “I think Marvin will get it.”

A Diller-led initial public offering of the assets – which until very recently had been seen as the most likely outcome of Vivendi’s desire to get out of the entertainment business – has been shelved, according to sources close to the company.

Now, Fourtou is weighing two options: break up VUE and sell the assets piecemeal, or sell it in its entirety to a private group while maintaining a large stake.

Black gold

Oilman Marvin Davis is forging ahead with his $20 billion Vivendi Universal bid by lining up financing, much to Barry Diller’s dismay. Here’s where the money’s coming from:

* $10 billion in bank commitments from four big banks, including FleetBoston, Deutsche Bank and Bank of America